- Summary:
- Pi coin price is on a five day losing streak, ironically happening in the same week as Pi Day. Where is it headed?
Pi coin price downtrend extended to the fifth successive day on Monday, as it lost 3.9% to trade at $1.35 at the time of writing. The coin had been on a contrarian trajectory in recent weeks as the broader cryptocurrency market plummeted. However, the last week saw a significant reduction in investor appetite for Pi, ironically happening in the lead-up to “Pi Day.”
Watch Out For Pi Coin Price Break Below Key Support
The $1.30 level has served as a support level for Pi Network Coin price for the last three weeks and it will need to stay above that level to sustain a positive sentiment for a potential reversal. Pi currently trades at 31% below its Volume Weighted Moving Average (VWMA) level, underlining a strong downward pressure that could potentially drive it toward the $1.30 support.
There has been a significant decline in Pi coin volume in the last 24 hours, with trading activity declining by 27% as per CoinMarketCap data. While this is likely to slow down the selling pressure on the coin, it also signifies reduced reach by Pi in the market, which could result in a decline in its price action.
Such a scenario sets up Pi coin price for a likely range-bound trading in the coming days, resulting in a weak market sentiment. Meanwhile, Pi’s circulating supply declined to 7 billion to 6.93 billion, pointing to a significant burn activity. However, that decline has not resulted in a price recovery, adding credence to a weakening market standing.
Pi Coin Price Prediction
Pi coin price has its pivot at $1.40 and action below that level favours the sellers to continue being in control. The first support will likely be at $1.29. A stronger momentum will break below that level and go on to test the second support at $1.23.
However, breaking above $1.40 will shift the momentum towards the upside. With the buyers in control, Pi Network Coin price will likely encounter the first hurdle at $1.47. Breaking above that level will invalidate the downside narrative and potentially result in a stronger momentum to test $1.55.
